Brimore, an Egyptian social commerce startup led by Mohammed Abdulaziz, recently completed its Series-A funding round, which included a $25-million capital injection from institutional investors, as the startup seeks to expand its product offerings and supplier lists.
Brimore was founded in 2017 by Egyptian tech entrepreneurs Mohamed Abdulaziz and Ahmed Sheikha with the goal of assisting local manufacturers to overcome go-to-market challenges and expand on a national scale through the platform’s strong network of micro-distributors in Egypt.
Its network assists manufacturers in selling their products in their immediate surroundings, either to other individuals or to small trade shops in their streets, using all available channels (OmniChannel).
The platform, which includes payment and supply chain capabilities, serves hundreds of small and medium enterprises that sell thousands of products, such as packaged foods, personal care products, and household goods through tens of thousands of social sellers across Egypt.
The $25 million that it raised from its Series-A funding round was led by the International Finance Corporation, a financial institution that operates as a member of the World Bank Group, and Endure Capital, an early-stage investment fund headed by entrepreneurs.
Existing investors such as Algebra Ventures, Disruptech, Khawarizmi Ventures and Fawry, an Egyptian fintech unicorn led by Egyptian mogul Ashraf Sabry, also participated in the round.
The $25-million capital injection will be used to drive growth, double the number of employees, quadruple the number of sellers and suppliers and triple the number of products sold, according to the social commerce startup.
Brimore went on to say that the investment will be critical in expanding the company’s presence to three countries and strengthening its physical logistics capabilities by 2023.
Brimore CEO and Co-Founder Mohamed Abdulaziz said: “In the last three years, we’ve focused on building a smart and reliable infrastructure that enables the masses to do their commerce businesses, wherever they are and whatever they have.”
“We’ll use the new fund to scale our infrastructure, allowing many more people to continue their journey of 50-times growth by 2023 while also opening this door of hope and opportunity to other people in African markets,” he said in response to questions related to the round.
Brimore is Africa’s first and fastest-growing social commerce and parallel distribution channel, offering nationwide coverage to emerging brands through a network of individual sellers.
It has seen a 375-times increase in revenue and the number of sellers and suppliers since it began operations in 2017.
